Rich Data Corp signs NAB on for AI-enhanced innovation in SME lending

Rich Data Corporation has signed an agreement with the National Australia Bank (NAB) to use Rich Data Corp’s AI prediction and decisioning capability software, Delta.

Under the agreement Rich Data Corp, an advanced AI specialist in the credit risk space, will co-develop a new approach in a ‘test and learn’ innovation environment that aims to help NAB better understand its small business customers’ credit needs.

NAB will harness Rich Data Corp’s ‘Delta’ credit risk management capability, which uses the industry’s most sophisticated explainable artificial intelligence and predictive machine learning models. It links traditional and alternative data sources to provide more accurate and transparent prediction and credit decisions. This is particularly useful for SMEs with little or no credit history or might fall outside traditional credit bureau criteria.

The same capability will also use enhanced analytics and monitoring tools to identify portfolio risks and opportunities and better support businesses that experience major change from events like COVID-19.

NAB Executive Innovation and Partnerships, Howard Silby said, “We’re excited to be working with Rich Data Corp on this pilot program. Their Delta platform will enable us to innovate and accelerate our lending options, leveraging alternative data and AI techniques and providing a means to assess SMEs who fall outside traditional credit models.”

“We remain committed to finding new ways to serve and meet the needs of our small business customers, as we pioneered with our NAB QuickBiz offering in 2016 and several innovations since.”

Ada Guan, Rich Data Corp’s Co-Founder and CEO said, “We’re honoured that NAB has chosen our technology and expertise to interpret SME behaviour and broader economic drivers to empower small businesses and bankers alike. This agreement aligns well with our company mission to improve financial inclusion.

“The COVID-19 pandemic has had a significant impact on small businesses and its ability to access responsible credit. It has highlighted the critical role that real-time data and AI can play in understanding the financial challenges these businesses are facing and determining the credit models that suit their needs and are easier to service.”

NAB’s deployment of Delta is scheduled for early 2021.